Why “Key Person” Life Insurance is Important.

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Posted on 2nd September 2011 by Rita in FREE Consumer Guides |How To's of Life Insurance

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key employee life insurance

Would your business survive the loss of a Key Person?

Every business has assets that need to be protected, whether those assets are buildings, equipment, automobiles etc. However, often over looked is what may be a companies most valuable assets – Key People (aka: key employee). While, all employees serve an important role in the businesses where they work, certain Key People are essential to the overall success of a businesses.

In a nutshell – Key Person Insurance protects your business against the loss of a a key person. If there would be a financial loss to a business from an (more…)

How to Pay off Mortgage with Life Insurance

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Posted on 9th August 2011 by Rita in FREE Consumer Guides |How To's of Life Insurance |Life Insurance

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mortgage protectionOne of the major investments in life, is your home. If others depend on your income to make the mortgage payment, seems to make sense to have some mortgage protection in place if you unexpectedly die.

Proper financial planning for mortgage protection could be the difference between financial devastation or not. Term life insurance may be the perfect solution to this dilemma if you still owe on your home mortgage. It is designed as low cost coverage for a specified period of time.

Here’s how it works: say you have 5 to 30 years on your home mortgage. If you purchase a term life insurance policy for same period of time and for the amount still owed on your mortgage… Then if you should die unexpectedly during the “term” the policy is in force, your love ones receive the face value of the policy purchased. The proceeds from the insurance policy will pay off the home mortgage. Making this one less thing for your loved ones to worry about during a difficult time.

Not only can the proceeds pay the mortgage, but the money can be used for any purpose your loved ones choose. For example, they may want to pay off a high interest credit card debt or a new car loan or use it for their cost of living expenses while they are going through a difficult time. Life insurance benefits are usually tax free and the beneficiary chooses how the money will be used.

Questions to ask yourself: if I died today…
Would my loved ones be able to stay in their current home?
How will the mortgage and other living expenses be paid?
Is my spouse’s income sufficient to maintain the daily expenses?

Note: This discussion covers the type of insurance that will pay off your mortgage balance in the event of your death. This should not to be confused with mortgage protection insurance which covers your mortgage payments in the event your are unemployed, sick or, injured.


ABOUT NORTH COAST LIFE INSURANCE
Established in 1965 in Spokane, WA. North Coast Life Insurance Company (NCL) is focused on providing solutions for you and those you love most. Experience genuine personal service while receiving guidance on all your insurance needs.
Note: This blog is designed for general information purposes only. All information presented on this site should not be interpreted as legal advice and the author assumes no responsibility or liability for the actions taken or not taken by the readers based upon such information. For legal and tax advice contact your attorney or tax adviser.
Rita Sollie, Direct Insurance Representative with North Coast Life Insurance Company (NCL). Providing solutions for your financial needs. INSTANT Term-Life Quote: www.insureyourfamily.com
Prefer to speak with a local financial representative? Call or email your request and you will be connected with a representative in your area.
Contact info: Phone: 800.541.5858 Email: rita.sollie@nclife.com or Live Chat below.

Waiting to Buy Life Insurance – life insurance mistake #6

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Posted on 19th May 2011 by Rita in Life Insurance |Life Insurance Mistakes |Retirement and Estate Planning

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life insurance mistakes

Waiting to Buy Life Insurance…

Regardless of the reasons you may have, it’s important to take action as soon as you feel a policy is required. Even single adults may need Life Insurance if it would be a burden for loved ons to cover your finally expense or medical bills. View “Life Insurance for Single Adults. Is it Needed?”

VERY IMPORTANT -If you only remember one thing from this blog post this is it. ►Life Insurance rates generally increase as (more…)

What are You Doing With Your Tax Refund?

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Posted on 15th March 2011 by Rita in Life Insurance |TERM Life Insurance

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As I mentioned in last years post “Average Tax Refund and Life Insurance” the average tax refund was $3036. According to CNNMoney.com this has risen slightly in 2011 to $3129.

Planning ahead is key when it comes to Life Insurance. I’m still baffled at the amount of requests I receive from individuals or family members with a love one who is very ill and now see the need for Life Insurance. Naturally an illness puts people into a planning mode and wanting to prepare the best they can

 

Life Insurance is like any other insurance. You must (more…)

Getting hitched? One detail you may have missed.

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Posted on 20th January 2011 by Rita in Life Insurance |TERM Life Insurance

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Newly Weds

Spring and summer are just around the corner, so what does that mean? Weddings will be in full force. It is the unofficial season for Weddings when the weather does a turn from cold and dreary to warm and sunshiny. Engaged couples have many details to think about for their up-coming ceremony. Working out the budget, picking out the wedding party and guests to reserving the venues and hiring various people to help make this your unforgettable day.

Wow! This can be beyond overwhelming. Thank goodness there are many websites available to help you keep this planning process organized.

(more…)